{
  "updated": "2026-10-19",
  "latest_fy": "FY2026",
  "methodology": "All £m. gross_debt = current + non-current borrowings (incl. accrued interest) per balance sheet; net_debt = gross_debt minus cash (club's own definition; from FY2018 calculated by us from the balance sheet). interest = cash interest paid (cash flow statement); net_finance_costs = P&L net finance costs (includes FX gains/losses on USD debt, so can swing). dividends = cash dividends paid. verified=true only when EVERY non-null figure in the year is matched by the club filing plus an independent news/analyst source; see verified_fields/unverified_fields for per-figure status. Primary figures from SEC 20-F filings / XBRL company facts; FY2008-FY2011 from the 2012 IPO prospectus (IFRS restatement of Red Football Shareholder Ltd).",
  "sources": [
    {
      "name": "Manchester United plc SEC filings (20-F, IPO prospectus)",
      "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001549107&type=20-F"
    },
    {
      "name": "SEC XBRL company facts – Manchester United plc",
      "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001549107.json"
    },
    {
      "name": "Manchester United FY2026 Q4/full-year results release (23 Sep 2026)",
      "url": "https://www.sec.gov/Archives/edgar/data/1549107/000110465926109806/tm2625945d1_ex99-1.htm"
    },
    {
      "name": "Manchester United Investor Relations",
      "url": "https://ir.manutd.com/"
    },
    {
      "name": "Manchester United plc IPO prospectus (424B4, Aug 2012)",
      "url": "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm"
    },
    {
      "name": "Swiss Ramble – Manchester United Finances 2022/23, 2023/24, 2024/25",
      "url": "https://swissramble.substack.com/p/index-of-posts-a-z"
    },
    {
      "name": "Swiss Ramble thread on Glazer era (Aug 2022)",
      "url": "https://threadreaderapp.com/thread/1559412700416991232"
    },
    {
      "name": "Swiss Ramble thread on 2017/18 results (Sep 2018)",
      "url": "https://threadreaderapp.com/thread/1044597940935962625.html"
    },
    {
      "name": "The Price of Football (Kieran Maguire) – Man Utd 2019/20",
      "url": "https://priceoffootball.com/manchester-united-2019-20-spoilt-victorian-child/"
    },
    {
      "name": "Sky Sports – FY2026 results (23 Sep 2026)",
      "url": "https://www.skysports.com/football/news/13590954/man-utd-red-devils-announced-record-revenues-in-2026-despite-not-playing-european-football"
    },
    {
      "name": "Sky Sports – FY2025 results",
      "url": "https://www.skysports.com/football/news/11667/13432689"
    },
    {
      "name": "City AM – FY2025 results (17 Sep 2025)",
      "url": "https://www.cityam.com/manchester-united-record-sixth-consecutive-loss-despite-cuts/"
    },
    {
      "name": "Inside World Football – annual results coverage",
      "url": "https://www.insideworldfootball.com/2019/09/25/wage-costs-man-utd-surge-300m-profit-edges-ahead/"
    }
  ],
  "years": [
    {
      "fy": "FY2005",
      "gross_debt": null,
      "net_debt": null,
      "interest": null,
      "net_finance_costs": null,
      "dividends": null,
      "revenue": null,
      "pbt": null,
      "source_urls": [],
      "verified": false,
      "verified_fields": [],
      "unverified_fields": [],
      "notes": "Pre-IFRS period: debt sat in Red Football / Red Football Joint Venture accounts (incl. PIK loans held above the club group). Published press figures conflict depending on the entity and UK GAAP basis, and SEC filings do not cover this year, so left null rather than guess. FY2005 figures (year to 30 Jun 2005) straddle the takeover."
    },
    {
      "fy": "FY2006",
      "gross_debt": null,
      "net_debt": null,
      "interest": null,
      "net_finance_costs": null,
      "dividends": null,
      "revenue": null,
      "pbt": null,
      "source_urls": [],
      "verified": false,
      "verified_fields": [],
      "unverified_fields": [],
      "notes": "Pre-IFRS period: debt sat in Red Football / Red Football Joint Venture accounts (incl. PIK loans held above the club group). Published press figures conflict depending on the entity and UK GAAP basis, and SEC filings do not cover this year, so left null rather than guess. FY2005 figures (year to 30 Jun 2005) straddle the takeover."
    },
    {
      "fy": "FY2007",
      "gross_debt": null,
      "net_debt": null,
      "interest": null,
      "net_finance_costs": null,
      "dividends": null,
      "revenue": null,
      "pbt": null,
      "source_urls": [],
      "verified": false,
      "verified_fields": [],
      "unverified_fields": [],
      "notes": "Pre-IFRS period: debt sat in Red Football / Red Football Joint Venture accounts (incl. PIK loans held above the club group). Published press figures conflict depending on the entity and UK GAAP basis, and SEC filings do not cover this year, so left null rather than guess. FY2005 figures (year to 30 Jun 2005) straddle the takeover."
    },
    {
      "fy": "FY2008",
      "gross_debt": 699.2,
      "net_debt": 649.4,
      "interest": null,
      "net_finance_costs": null,
      "dividends": null,
      "revenue": 256.2,
      "pbt": null,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.thenationalnews.com/sport/champs-united-dh3-5bn-in-debt-1.548663",
        "https://insideworldfootball.com/?p=7780"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_debt"
      ],
      "unverified_fields": [
        "revenue"
      ],
      "notes": "Debt from IPO prospectus IFRS restatement of Red Football Shareholder Ltd (incl. £175.5m PIK loan). The National reports £649.4m overall debt (matches net debt); Inside World Football reported debt rising 'from £699m'. Revenue £256.2m is UK GAAP turnover reported by The National only. PBT left null: press figures conflict (£21.4m, £43.2m, £44.8m loss depending on entity)."
    },
    {
      "fy": "FY2009",
      "gross_debt": 716.6,
      "net_debt": 566.1,
      "interest": 41.8,
      "net_finance_costs": 117.4,
      "dividends": 0,
      "revenue": 278.5,
      "pbt": 6.1,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "http://news.bbc.co.uk/1/hi/business/8470595.stm",
        "https://ir.manutd.com/~/media/Files/M/Manutd-IR/Bondholder%20Information/2010/red-football-ltd-accounts-2009-2010.pdf"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "revenue"
      ],
      "unverified_fields": [
        "net_debt",
        "interest",
        "net_finance_costs",
        "dividends",
        "pbt"
      ],
      "notes": "Gross debt incl. £202.1m PIK loan; BBC reported 'Manchester United debt hits £716m' (Jan 2010). Revenue also stated in Red Football Ltd 2009-10 accounts (£278.5m). PBT is IFRS restated (£6.1m); UK GAAP Red Football Ltd reported £48.2m pre-tax profit, so not corroborated."
    },
    {
      "fy": "FY2010",
      "gross_debt": 773.3,
      "net_debt": 609.5,
      "interest": 35.6,
      "net_finance_costs": 108.6,
      "dividends": 0,
      "revenue": 286.4,
      "pbt": -44.3,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "https://ir.manutd.com/~/media/Files/M/Manutd-IR/Bondholder%20Information/2010/red-football-ltd-accounts-2009-2010.pdf",
        "https://sportingintelligence832.substack.com/p/manchester-united-accounts-turn-record-100-8m-operating-profit-into-loss-of-83-6m-081009"
      ],
      "verified": false,
      "verified_fields": [
        "revenue"
      ],
      "unverified_fields": [
        "gross_debt",
        "net_debt",
        "interest",
        "net_finance_costs",
        "dividends",
        "pbt"
      ],
      "notes": "Year of the £504m bond refinancing (Jan 2010). Gross debt incl. £232.6m PIK loan. IFRS PBT -£44.3m differs from UK GAAP Red Football Ltd pre-tax loss of £79.6m reported in the press, so unverified."
    },
    {
      "fy": "FY2011",
      "gross_debt": 458.9,
      "net_debt": 308.3,
      "interest": 167.5,
      "net_finance_costs": 51.3,
      "dividends": 0,
      "revenue": 331.4,
      "pbt": 12.0,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.socceramerica.com/revenues-down-net-income-up-for-manchester-united/?edition",
        "https://www.bursa.ro/manchester-united-profit-si-venituri-record-07428315"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "revenue"
      ],
      "unverified_fields": [
        "gross_debt",
        "interest",
        "net_finance_costs",
        "dividends",
        "pbt"
      ],
      "notes": "PIK loan (~£220m) repaid Nov 2010, removing it from group debt. Cash interest paid of £167.5m includes rolled-up PIK interest settled on repayment. IFRS PBT £12.0m vs press-reported £29.7m (UK GAAP), so unverified."
    },
    {
      "fy": "FY2012",
      "gross_debt": 436.9,
      "net_debt": 366.3,
      "interest": 47.1,
      "net_finance_costs": 49.5,
      "dividends": 10.0,
      "revenue": 320.3,
      "pbt": -4.7,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "https://www.sportbusiness.com/news/united-pays-for-champions-league-failings/",
        "https://www.cityam.com/?p=799171"
      ],
      "verified": false,
      "verified_fields": [
        "revenue"
      ],
      "unverified_fields": [
        "gross_debt",
        "net_debt",
        "interest",
        "net_finance_costs",
        "dividends",
        "pbt"
      ],
      "notes": "IPO on NYSE Aug 2012 (after year end). £10m dividend paid pre-IPO."
    },
    {
      "fy": "FY2013",
      "gross_debt": 389.2,
      "net_debt": 294.8,
      "interest": 73.6,
      "net_finance_costs": 70.8,
      "dividends": 0,
      "revenue": 363.2,
      "pbt": -8.8,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746915007881/a2225776z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746913009876/a2217035z20-f.htm",
        "https://www.foxnews.com/world/man-united-announce-record-363-2m-turnover",
        "https://www.futbolekonomi.com/index.php/economy/2758-manchester-united-spent-p71m-in-2012-13-financing-debt-of-takeover.html"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_finance_costs",
        "revenue"
      ],
      "unverified_fields": [
        "net_debt",
        "interest",
        "dividends",
        "pbt"
      ],
      "notes": "Press reported debt 'fell 10.9% to £389.2m' and £71m spent financing takeover debt (incl. refinancing premium). Cash interest paid includes bond repurchase premia."
    },
    {
      "fy": "FY2014",
      "gross_debt": 341.8,
      "net_debt": 275.4,
      "interest": 27.7,
      "net_finance_costs": 27.4,
      "dividends": 0,
      "revenue": 433.2,
      "pbt": 40.5,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746915007881/a2225776z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746914008570/a2221547z20-f.htm",
        "https://www.cityam.com/manchester-united-financial-results/",
        "https://www.insideworldfootball.com/2015/09/17/man-utd-end-year-with-loss-but-better-days-ahead/"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "net_debt",
        "interest",
        "net_finance_costs",
        "dividends"
      ],
      "notes": "Press: 'debts of £342m'; PBT £40.5m cited in 2014-15 coverage."
    },
    {
      "fy": "FY2015",
      "gross_debt": 411.0,
      "net_debt": 255.2,
      "interest": 42.6,
      "net_finance_costs": 35.2,
      "dividends": 0,
      "revenue": 395.2,
      "pbt": -3.6,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746915007881/a2225776z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746917006366/a2233228z20-f.htm",
        "https://www.insideworldfootball.com/2015/09/17/man-utd-end-year-with-loss-but-better-days-ahead/"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_debt",
        "net_finance_costs",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "interest",
        "dividends"
      ],
      "notes": "Refinanced: $425m 3.79% senior notes due 2027 + $225m term loan due 2025. Inside World Football: gross debt £411m, net debt £255.2m, finance costs >£35m."
    },
    {
      "fy": "FY2016",
      "gross_debt": 490.1,
      "net_debt": 260.9,
      "interest": 13.2,
      "net_finance_costs": 20.0,
      "dividends": 20.1,
      "revenue": 515.3,
      "pbt": 48.8,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746917006366/a2233228z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746916015489/a2229659z20-f.htm",
        "https://www.insideworldfootball.com/2016/09/12/mixed-success-pitch-man-utd-scored-financial-turnaround-2015-16/",
        "https://data.sec.gov/api/xbrl/companyfacts/CIK0001549107.json"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "gross_debt",
        "interest",
        "net_finance_costs",
        "dividends"
      ],
      "notes": "First regular dividends since IPO."
    },
    {
      "fy": "FY2017",
      "gross_debt": 503.4,
      "net_debt": 213.1,
      "interest": 19.5,
      "net_finance_costs": 24.3,
      "dividends": 23.3,
      "revenue": 581.2,
      "pbt": 56.5,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746917006366/a2233228z20-f.htm",
        "https://threadreaderapp.com/thread/1044597940935962625.html",
        "https://www.goal.com/en-gb/news/man-utd-post-record-581m-revenue/1dvsbt7syjo81pqezfzbp7u5w"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_debt",
        "net_finance_costs",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "interest",
        "dividends"
      ],
      "notes": "Some press reports quoted £39.2m as 'pre-tax' profit; that is profit after tax (20-F: PBT £56.5m, Swiss Ramble £57m). Later restated to £56.6m."
    },
    {
      "fy": "FY2018",
      "gross_debt": 495.8,
      "net_debt": 253.7,
      "interest": 18.9,
      "net_finance_costs": 18.0,
      "dividends": 22.0,
      "revenue": 590.0,
      "pbt": 26.1,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746918006489/a2236485z20-f.htm",
        "https://threadreaderapp.com/thread/1044597940935962625.html",
        "https://www.thebusinessdesk.com/northwest/?p=2028996"
      ],
      "verified": true,
      "verified_fields": [
        "gross_debt",
        "net_debt",
        "interest",
        "net_finance_costs",
        "dividends",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [],
      "notes": "PBT as originally reported (£26.1m; restated £25.8m in FY2019 20-F). Revenue as originally reported £590.0m (restated £589.8m under IFRS 15)."
    },
    {
      "fy": "FY2019",
      "gross_debt": 511.2,
      "net_debt": 203.6,
      "interest": 19.0,
      "net_finance_costs": 22.5,
      "dividends": 23.3,
      "revenue": 627.1,
      "pbt": 27.5,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746919005426/a2239626z20-f.htm",
        "https://www.insideworldfootball.com/2019/09/25/wage-costs-man-utd-surge-300m-profit-edges-ahead/",
        "https://priceoffootball.com/manchester-united-2018-19-waterfall/"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "net_finance_costs",
        "dividends",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "gross_debt",
        "interest"
      ],
      "notes": "Inside World Football: revenue £627.1m, PBT £27.5m, net debt £203.6m, net finance costs £22.5m, two 9c dividends (~£23m)."
    },
    {
      "fy": "FY2020",
      "gross_debt": 525.6,
      "net_debt": 474.1,
      "interest": 20.5,
      "net_finance_costs": 26.0,
      "dividends": 23.2,
      "revenue": 509.0,
      "pbt": -20.8,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465920117718/tm2023793-1_20f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465921117363/manu-20210630x20f.htm",
        "https://priceoffootball.com/manchester-united-2019-20-spoilt-victorian-child/",
        "https://www.fourfourtwo.com/news/manchester-uniteds-revenue-shrinks-by-almost-20-per-cent-in-last-financial-year-1603292385000"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "dividends",
        "revenue"
      ],
      "unverified_fields": [
        "gross_debt",
        "interest",
        "net_finance_costs",
        "pbt"
      ],
      "notes": "Interest paid restated £20.5m in FY2021 20-F (originally £19.9m). Price of Football: revenue £509m, net debt £474m, dividends £23m."
    },
    {
      "fy": "FY2021",
      "gross_debt": 530.2,
      "net_debt": 419.6,
      "interest": 20.5,
      "net_finance_costs": -12.9,
      "dividends": 10.7,
      "revenue": 494.1,
      "pbt": -24.0,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465921117363/manu-20210630x20f.htm",
        "https://threadreaderapp.com/thread/1559412700416991232",
        "https://onthemoney.sportbusiness.com/news/manchester-united-registered-92-2m-net-loss-in-2020-21/",
        "https://breakingnews.ie/sport/manchester-united-debt-rises-to-more-than-514m-as-record-wage-bill-revealed-1367151.html"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "interest",
        "dividends",
        "revenue"
      ],
      "unverified_fields": [
        "gross_debt",
        "net_finance_costs",
        "pbt"
      ],
      "notes": "Net finance INCOME of £12.9m due to unrealised FX gains on USD debt. Swiss Ramble: £21m interest paid; ~£11m of 2020/21 dividend delayed into 2021/22. Gross debt/PBT only in blog-style sources, so unverified."
    },
    {
      "fy": "FY2022",
      "gross_debt": 636.1,
      "net_debt": 514.9,
      "interest": 20.6,
      "net_finance_costs": 62.2,
      "dividends": 33.6,
      "revenue": 583.2,
      "pbt": -149.6,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465922102671/manu-20220630x20f.htm",
        "https://swissramble.substack.com/p/manchester-united-finances-202223",
        "https://www.enca.com/sport/manchester-united-report-ps1155m-loss-202122-season",
        "https://breakingnews.ie/sport/manchester-united-debt-rises-to-more-than-514m-as-record-wage-bill-revealed-1367151.html"
      ],
      "verified": false,
      "verified_fields": [
        "net_debt",
        "net_finance_costs",
        "dividends",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "gross_debt",
        "interest"
      ],
      "notes": "Last dividend year (£33.6m). Net debt up mainly on £64.6m unrealised FX losses on USD borrowings."
    },
    {
      "fy": "FY2023",
      "gross_debt": 613.3,
      "net_debt": 537.3,
      "interest": 32.0,
      "net_finance_costs": 21.4,
      "dividends": 0,
      "revenue": 648.4,
      "pbt": -32.6,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465923112170/manu-20230630x20f.htm",
        "https://swissramble.substack.com/p/manchester-united-finances-202223",
        "https://www.sportcal.com/media/man-united-lose-28-7m-in-2022-23-despite-record-revenues/"
      ],
      "verified": false,
      "verified_fields": [
        "net_finance_costs",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "gross_debt",
        "net_debt",
        "interest",
        "dividends"
      ],
      "notes": "No dividends paid (halted Dec 2022 during strategic review). Gross debt includes £100m+ RCF drawings."
    },
    {
      "fy": "FY2024",
      "gross_debt": 546.6,
      "net_debt": 473.1,
      "interest": 37.2,
      "net_finance_costs": 61.4,
      "dividends": 0,
      "revenue": 661.8,
      "pbt": -130.7,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465924099826/manu-20240630x20f.htm",
        "https://swissramble.substack.com/p/manchester-united-finances-202324",
        "https://www.skysports.com/football/news/11667/13432689"
      ],
      "verified": false,
      "verified_fields": [
        "net_finance_costs",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "gross_debt",
        "net_debt",
        "interest",
        "dividends"
      ],
      "notes": "Ratcliffe/INEOS minority deal completed Feb 2024. PBT includes £48m exceptional items."
    },
    {
      "fy": "FY2025",
      "gross_debt": 637.0,
      "net_debt": 550.9,
      "interest": 37.2,
      "net_finance_costs": 21.2,
      "dividends": 0,
      "revenue": 666.5,
      "pbt": -39.7,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465925091251/manu-20250630x20f.htm",
        "https://swissramble.substack.com/p/manchester-united-finances-202425",
        "https://www.cityam.com/manchester-united-record-sixth-consecutive-loss-despite-cuts/",
        "https://www.skysports.com/football/news/11667/13432689"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_finance_costs",
        "revenue",
        "pbt"
      ],
      "unverified_fields": [
        "net_debt",
        "interest",
        "dividends"
      ],
      "notes": "Gross debt = £471.9m non-current ($650m) + £165.1m current (RCF + accrued interest) — both components reported by City AM/Sky. Includes £80.0m share issue proceeds from INEOS in financing cash flows."
    },
    {
      "fy": "FY2026",
      "gross_debt": 689.0,
      "net_debt": 621.7,
      "interest": 38.8,
      "net_finance_costs": 69.6,
      "dividends": 0,
      "revenue": 677.6,
      "pbt": -47.0,
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465926109806/tm2625945d1_ex99-1.htm",
        "https://ir.manutd.com/~/media/Files/M/Manutd-IR/Governance%20Document/4q-2026-earnings-release.pdf",
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm",
        "https://www.skysports.com/football/news/13590954/man-utd-red-devils-announced-record-revenues-in-2026-despite-not-playing-european-football",
        "https://www.unitedinfocus.com/news/kieran-maguire-predicts-man-uniteds-finances-are-going-to-get-even-better-after-record-677m-revenue/",
        "https://sports.yahoo.com/articles/man-utd-debt-remains-above-112000504.html"
      ],
      "verified": false,
      "verified_fields": [
        "gross_debt",
        "net_finance_costs",
        "revenue"
      ],
      "unverified_fields": [
        "net_debt",
        "interest",
        "dividends",
        "pbt"
      ],
      "notes": "Results released 23 Sep 2026; 20-F filed 24 Sep 2026. Senior notes refinanced: USD non-current debt up from $650m to $775m (£577.6m) plus £110.0m RCF (£111.4m current borrowings incl. interest). Sky/Maguire: gross debt £689m, interest 'almost £70m'. Loss after tax £43.0m; some outlets (Sky) mislabel £43m as pre-tax — PBT per release is £47.0m (single source). Net debt calculated by us. Press 'debt above £1bn' figures add transfer payables (~£350-400m) and are not comparable."
    }
  ],
  "totals": [
    {
      "label": "Net interest/financing costs since 2005 (Kieran Maguire)",
      "value_gbp_m": 1000,
      "value_qualifier": "over",
      "as_of": "FY2026",
      "source_urls": [
        "https://x.com/KieranMaguire/status/2102718032636490078",
        "https://www.unitedinfocus.com/news/kieran-maguire-predicts-man-uniteds-finances-are-going-to-get-even-better-after-record-677m-revenue/",
        "https://www.unitedinfocus.com/news/man-utd-hit-unwanted-1bn-milestone-as-glazers-burden-sir-jim-ratcliffe-with-new-stadium-problem/"
      ],
      "verified": false,
      "notes": "Maguire: FY2026 net interest of almost £70m 'takes the total since the Glazers Leveraged BuyOut in 2005 to over £1bn'. All reports trace to Maguire (no independent second analyst). X post could not be fetched directly (paywall); text taken from search snippet and United In Focus quotes. Note 90min (Feb 2025) attributed £1.06bn to Maguire, which conflicts with the later 'just over £1bn'."
    },
    {
      "label": "Cash interest paid since 2005 (Swiss Ramble)",
      "value_gbp_m": 743,
      "as_of": "FY2022",
      "source_urls": [
        "https://threadreaderapp.com/thread/1559412700416991232",
        "https://www.goal.com/en-ae/lists/glazers-must-take-blame-exhausted-man-utd-miserable-end-season/blt939e4b0861129acc"
      ],
      "verified": false,
      "notes": "Swiss Ramble, 16 Aug 2022 (data to 2020/21-2021/22). Goal re-reports the same analyst's figure, so not independent."
    },
    {
      "label": "Interest paid since 2005 (Price of Football)",
      "value_gbp_m": 837,
      "as_of": "FY2020",
      "source_urls": [
        "https://priceoffootball.com/manchester-united-2019-20-spoilt-victorian-child/",
        "https://www.footballinsider247.com/finance/manchester-united-magurie-glazers-have-paid-over-800m-in-interest"
      ],
      "verified": false,
      "notes": "Kieran Maguire; Football Insider (Feb 2021) quotes the same analyst."
    },
    {
      "label": "Cash interest paid FY2009-FY2026 (sum of club cash flow statements)",
      "value_gbp_m": 713.4,
      "as_of": "FY2026",
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746915007881/a2225776z20-f.htm",
        "https://data.sec.gov/api/xbrl/companyfacts/CIK0001549107.json",
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465926109806/tm2625945d1_ex99-1.htm"
      ],
      "verified": false,
      "notes": "Our arithmetic from primary filings only; excludes FY2006-FY2008 (not in SEC filings), which is why it is below analyst totals. FY2011 includes rolled-up PIK interest."
    },
    {
      "label": "Dividends paid since 2016 (Swiss Ramble)",
      "value_gbp_m": 166,
      "as_of": "FY2022",
      "source_urls": [
        "https://threadreaderapp.com/thread/1559412700416991232",
        "https://www.90min.com/posts/how-much-money-the-glazers-are-taking-out-of-man-utd"
      ],
      "verified": false,
      "notes": "Swiss Ramble 'since 2016 they have paid a hefty £166m'. Club cash flows show £156.2m FY2016-FY2022 plus £10.0m pre-IPO dividend in FY2012 = £166.2m total since 2005. No dividends paid FY2023-FY2026, so total unchanged."
    },
    {
      "label": "Dividends paid since 2005 (sum of club cash flow statements)",
      "value_gbp_m": 166.2,
      "as_of": "FY2026",
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746917006366/a2233228z20-f.htm",
        "https://data.sec.gov/api/xbrl/companyfacts/CIK0001549107.json",
        "https://www.sec.gov/Archives/edgar/data/1549107/000110465926109806/tm2625945d1_ex99-1.htm"
      ],
      "verified": true,
      "notes": "FY2012 £10.0m; FY2016 £20.1m; FY2017 £23.3m; FY2018 £22.0m; FY2019 £23.3m; FY2020 £23.2m; FY2021 £10.7m; FY2022 £33.6m. Matches Swiss Ramble's £166m."
    }
  ],
  "ownership": [
    {
      "date": "2005-05-12",
      "event": "Malcolm Glazer's Red Football agrees to buy Cubic Expression's 28.7% stake, taking holding to ~57%; passes 75% on 16 May 2005.",
      "source_urls": [
        "http://news.bbc.co.uk/2/hi/business/4550141.stm",
        "https://en.wikipedia.org/wiki/Glazer_ownership_of_Manchester_United"
      ]
    },
    {
      "date": "2005-06-22",
      "event": "Manchester United plc delisted from the London Stock Exchange.",
      "source_urls": [
        "https://en.wikipedia.org/wiki/Glazer_ownership_of_Manchester_United"
      ]
    },
    {
      "date": "2005-06-28",
      "event": "Glazers reach 98% and begin compulsory squeeze-out; ~£790m leveraged takeover.",
      "source_urls": [
        "http://news.bbc.co.uk/1/hi/business/4629401.stm",
        "https://en.wikipedia.org/wiki/Glazer_ownership_of_Manchester_United"
      ]
    },
    {
      "date": "2010-01-22",
      "event": "£504m bond issue to refinance bank debt.",
      "source_urls": [
        "http://news.bbc.co.uk/1/hi/business/8475317.stm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm"
      ]
    },
    {
      "date": "2010-11-22",
      "event": "Remaining PIK loans (~£220m) repaid.",
      "source_urls": [
        "https://www.theguardian.com/football/2010/nov/16/glazers-manchester-united-debt-repayment",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm"
      ]
    },
    {
      "date": "2012-08-10",
      "event": "IPO of Class A shares on the NYSE.",
      "source_urls": [
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm",
        "https://www.sec.gov/Archives/edgar/data/1549107/000104746912009744/a2211282z20-f.htm"
      ]
    },
    {
      "date": "2023-12-24",
      "event": "Sir Jim Ratcliffe agrees to buy 25% of Class B and up to 25% of Class A shares (~$1.3bn) and commit $300m for infrastructure.",
      "source_urls": [
        "https://www.espn.co.uk/football/story/_/id/38990082/sir-jim-ratcliffe-set-complete-man-united-investment-sources",
        "https://www.wionews.com/sports/british-billionaire-jim-ratcliffe-to-buy-25-stake-in-manchester-united-pledges-to-invest-300-million-673188"
      ]
    },
    {
      "date": "2024-02-20",
      "event": "Ratcliffe deal completes via Trawlers Ltd; $200m (£158.5m) first injection takes stake to 27.7%; INEOS takes control of football operations.",
      "source_urls": [
        "https://www.businesswire.com/news/home/20240220946628/en/",
        "https://www.skysports.com/football/news/11667/13071401/sir-jim-ratcliffe-completes-deal-to-buy-manchester-united-minority-stake"
      ]
    },
    {
      "date": "2024-12-18",
      "event": "Final $100m (£79.2m) tranche paid, stake rises from 27.70% to 28.94%; shares transferred from Trawlers to INEOS.",
      "source_urls": [
        "https://www.calcioefinanza.it/2024/12/19/ratcliffe-quote-manchester-united/",
        "https://www.soccerway.com/news/soccer-premier-league-jim-ratcliffe-increases-manchester-united-stake-after-completing-100m-cash-injection/0b7dWqAL"
      ],
      "notes": "Exact payment date inferred from Calcio e Finanza (19 Dec 2024, 'Wednesday'); FY2025 cash flow shows £80.0m share issue proceeds."
    }
  ],
  "ticket_prices": [
    {
      "date": "2024-02-01",
      "date_precision": "month",
      "event": "2024/25 adult season tickets up ~5% (second successive rise after 11-season freeze); cheapest adult season ticket £551 to £579; under-16 prices frozen.",
      "source_urls": [
        "https://www.theticketingbusiness.com/?p=88558",
        "https://www.ewn.co.za/2025/03/18/man-utd-defy-fan-groups-with-five-percent-season-ticket-rise"
      ],
      "notes": "Announced by email to season-ticket holders in Feb 2024 (reported by The Athletic); exact day not confirmed. £551 to £579 from a fan/ticket guide only."
    },
    {
      "date": "2024-11-26",
      "event": "All remaining 2024/25 match tickets set at flat £66, scrapping child and over-65 concessions and Europa League knockout discount; MUST called it 'offensive'.",
      "source_urls": [
        "https://www.football365.com/news/ratcliffe-slammed-man-utd-fans-mid-season-ineos-call-offensive",
        "https://www.expressandstar.com/uk-sports/manchester-united-criticised-over-offensive-price-increase-for-match-tickets-5742559"
      ],
      "notes": "Club email sent Tuesday 26 Nov 2024; reported 27 Nov 2024."
    },
    {
      "date": "2025-03-17",
      "event": "2025/26 season tickets up 5% (third straight year) despite calls for a freeze; under-16s frozen; new match categorisation for non-season-ticket pricing.",
      "source_urls": [
        "https://www.ewn.co.za/2025/03/18/man-utd-defy-fan-groups-with-five-percent-season-ticket-rise",
        "https://www.malaymail.com/news/sports/2025/03/18/manchester-united-to-raise-season-ticket-prices-by-five-per-cent-for-202526-season-despite-fan-protests/169940"
      ]
    },
    {
      "date": "2026-03-06",
      "event": "2026/27 season tickets up ~5% (fourth straight year), just over £2/match for adults; cheapest adult £646; executive prices frozen; ~600 fans relocated for hospitality.",
      "source_urls": [
        "https://www.foxsports.com/articles/soccer/man-united-to-raise-ticket-prices-and-move-fans-to-create-more-hospitality-seats-at-old-trafford",
        "https://sports.yahoo.com/articles/man-utd-hike-cost-season-193927268.html"
      ]
    },
    {
      "date": "2026-09-23",
      "event": "Kieran Maguire estimates average match ticket revenue per fan (incl. corporate) rose from about £88-89 to £106 in FY2026.",
      "source_urls": [
        "https://www.skysports.com/football/news/13590954/man-utd-red-devils-announced-record-revenues-in-2026-despite-not-playing-european-football"
      ],
      "verified": false,
      "notes": "Single source (Sky Sports quoting Maguire)."
    }
  ]
}